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Home Purchase Sentiment near record high

Posted by Mehran Aram on Wed, Jun 12, 2019 @ 06:06 AM

Exactly one year after setting a record high, Fannie Mae’s Home Purchase Sentiment has nearly done it again. The HSPI for May 2019 had a reading of 92.0, just shy of matching the all-time high reached in May 2018 of 92.3, largely because of a substantial 13-point increase in the number of Americans who believe now is a good time to buy a home.

In addition to respondents becoming decidedly more convinced that market conditions are ripe to buy a home, consumers also believe that home prices would increase in the near-future while mortgage rates would decline.

Meanwhile, the net share of respondents who believe now is a good time to sell home a declined 3-points from the same month last year.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, home purchase, Fannie Mae, Mortgage rates, Home Purchase Sentiment

San Diego home prices holding steady

Posted by Mehran Aram on Fri, May 31, 2019 @ 06:05 AM

Home prices in the San Diego metropolitan area held relatively steady in April on a year-over-year basis according to new figures released this week by CoreLogic. Although this is a rebound from last month when the Southern California region saw its first yearly drop in prices since 2012, San Diego home price gains remain the lowest in the nation.

"The slowdown in price growth and sales over the past year suggests that despite a healthy economy, the cost of homeownership has outpaced incomes for many,” said Andrew LePage, research analyst for CoreLogic.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego County, home prices, San Diego, CoreLogic, homeownership, Mortgage rates, San Diego Home Prices

Mortgage applications drop despite falling rates

Posted by Mehran Aram on Thu, May 30, 2019 @ 05:05 AM

Total mortgage application volume fell by 3.3 percent last week, indicating that lower mortgage rates haven’t been enough to spur homebuying. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage applications to purchase a home declined by one percent – the third consecutive weekly drop.

Mortgage activity was 15 percent higher a year ago, despite mortgage rates averaging nearly a full percentage point above their current levels. Higher home prices and limited inventory have kept many potential home prices on the sidelines in 2019 but as mortgage rates continue to fall, experts are optimistic there will be an uptick as we enter the summer home buying season.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, Mortgage Bankers Association, Mortgage application, Mortgage rates, Limited Inventory

April home prices stabilize

Posted by Mehran Aram on Tue, May 28, 2019 @ 06:05 AM

After falling during the month of March on an annual basis, home prices across the nation stablized in April, rising 2.8 percent. According to the latest data available from Redfin, U.S. home-sale prices reached a median of $307,000 last month. These newest figures show that although the beginning of the year may have seen a retreat in sale prices, demand rising in the spring is likely to reverse this trend.

“Homebuyers should take April’s home-price rebound as a cue that the cooldown may be coming to an end,” said Redfin Chief Economist Daryl Fairweather. “The good news is that even though home prices are rising again, mortgage rates remain below last year’s levels and are unlikely to tick back up in a meaningful way this year.”

Mortgage rates experienced a notable decline since last November and continue to remain low throughout 2019 with conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, homebuyers, Redfin, Mortgage rates, median home price

Home prices reach record high

Posted by Mehran Aram on Sun, Apr 7, 2019 @ 10:04 AM

The average list price for a home in the U.S. has reached $300,000 for the first time according to Realtor.com’s Housing Trend Report.

“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season,” said Realtor.com Chief Economist Danielle Hale. “Home prices will likely continue to set new records later this year.”

Despite recent increases in the supply of homes for sale, housing shortages continue to drive up prices. With much speculation that conditions are shifting towards favoring buyers, many sellers are taking a wait-and-see approach when considering listing their home.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, Mortgage rates, Realtor.com, housing shortage, Homes for Sale, average list price, Housing Trends

Home-price growth extends slow streak

Posted by Mehran Aram on Fri, Mar 29, 2019 @ 10:03 AM

Growth in home prices slowed again in January, according to a new report. This is the tenth consecutive month of tapered growth in year-over-year appreciation recorded by CoreLogic. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, climbed 4.3 percent in the year ending January. This is down from 4.6 percent the prior month.

When looking at prices on a month-to-month basis, most regions saw a decrease. San Diego home prices fell 0.2 percent in January but remain 1.3 percent higher over the past 12 months.

Slower price growth combined with lower mortgage rates have experts speculating that the spring and summer will see elevated home purchase activity.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, Mortgage rates, home price appreciation, San Diego Housing Market, S&P CoreLogic Case Shiller, San Diego Home Prices, National Home Price Index

Calif. home sales roar back after new year slump

Posted by Mehran Aram on Thu, Mar 21, 2019 @ 09:03 AM

After hitting their lowest level in more than 10 years in January, California home sales last month rebounded. The California Association of Realtors reported this week that February’s annual sales level reached its highest point in six months. February also experienced the biggest month-over-month gain in home sales since January 2011.

“Lower interest rates and stabilizing home prices motivated would-be buyers to get off the fence in February,” said CAR President Jared Martin. “With mortgage rates reaching their lowest point in a year, housing affordability improved as buyers’ monthly mortgage payments became more manageable.”

Mortgage rates have remained near a recent low point for the last several weeks after falling over the winter and remain at their lowest level in a year. Currently, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, California Association of Realtors, Mortgage rates, low rates, California Home Sales

Home price appreciation continues slow streak

Posted by Mehran Aram on Thu, Mar 14, 2019 @ 05:03 AM

Growth in home prices slowed again in December according to a new report. This is the tenth consecutive month of tapered growth in year-over-year appreciation. This latest information comes from Black Knight Financial Services.

“At the end of December, home prices at the national level had fallen 0.3 percent from November,” said Ben Graboske, Black Knight’s president of data and analytics. “While home prices are still up on an annual basis, the slowdown continues nationwide and, importantly, is not being driven by seasonal effects.”

February 2018 saw annual growth at a healthy 6.8 percent but has slowly dwindled to 4.6 percent by the end of the year.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, Mortgage rates, home price appreciation

Survey: Americans feeling confident about finances

Posted by Mehran Aram on Tue, Feb 12, 2019 @ 05:02 AM

Fannie Mae’s Home Purchase Sentiment Index climbed 1.2 points last month to a reading of 84.7, a reversal of the 2.3 point drop in December but still shy of the all-time high of 89.5 reached a year ago. The Home Purchase Sentiment Index (HPSI) is compiled from a monthly National Housing Survey conducted by Fannie Mae.

The increase was driven by an 8-point increase in the net share of respondents who reported higher income levels and a 4-point increase in the net share of those who say now is a good time to buy a home.

However, the number of Americans who believe home prices will continue to climb has fallen 22-points since last year. This latest installment of the monthly survey is the first since the partial government shutdown that begin in December furloughed over 800,000 federal workers.

As for mortgage rates, today, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, home buying, Fannie Mae, National Housing Survey, Mortgage rates, Home Purchase Sentiment, Housing Sentiment

Luxury home sales down for first time in 2 years

Posted by Mehran Aram on Sat, Feb 9, 2019 @ 05:02 AM

The sales volume of the priciest homes in the U.S. is falling but their price tags are rising. Real estate brokerage Redfin released data this week that showed a four percent decrease in sales of homes priced at $2 million or more during the fourth quarter of 2018. This is the first time in more than two years that home sales at that price point have declined on a year-over-year basis. Uncertainty on Wall Street may have been a factor for the decline according to Redfin.

“In the fourt quarter of 2018 there was a lot of economic uncertainty – the stock market was all over the place,” said Daryl Fairweather, Redfin’s chief economist. “This may have encouraged luxury sellers to hold on to their real estate assets and also caused luxury buyers to be reluctant to make major home purchases.”

Nonetheless, luxury home prices continue to rise. The average sale price for the top 5 percent most-expensive homes in the U.S. rose 4.7 percent in Q4 to an average of $1.772,000.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, home prices, real estate, Mortgage rates, Luxury Homes, Real Estate Assets, Average Sales Price, Sales Price, Home Sales Volume